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₹66 - 66
Happy Steels Ltd
Castings, Forgings & FastnersIPOSME
₹66 - 66
Our Company was incorporated in 1996 and is an integrated manufacturer of Safety-Critical, Forged and Machined Transmission and Driveline components for On-highway vehicles, Off-highway vehicles, EV and Defence applications. Our Company's product portfolio consists of wide range of Axles, Long Spline Shafts, Spindle and other related components that are critical of vehicle performance and safety.
Lot2,000Min Invest₹2,64,000Face Value₹10Issue Size₹25 CrFresh Issue₹25 CrListing Price₹68CMP₹62
Timeline
9 Jul
Bidding opens
13 Jul
Bidding closes
14 Jul
Allotment
15 Jul
Refund & demat credit
16 Jul
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹25 Cr0.38 Cr shares
Fresh Issue₹25 Cr
Face Value₹10
Lot Size2,000 shares
ReservationQIB 49.97% · NII 15.01% · RETAIL 35.02%
Application Sizes
Retail₹2,64,0001-1 lots
sNII₹2,64,000from 2 lots
bNII₹10,56,000from 8 lots
Managers & Registrar
Lead ManagerShare India Capital Services Private Limited
Co-ManagerMaster Capital Services Limited
RegistrarBigshare Services Pvt Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group99.32%72.98%Public0.68%27.02%
Objects of the Issue
- Capital Expenditure towards purchase of additional plant and machinery for its existing manufacturing unit
- Repayment/ Prepayment of Term Loans to Banks
- General corporate purposes
Anchor Book
Bid Date08-Jul-2026Shares10,76,000Amount₹7 Cr30-day lock-in12-Aug-202690-day lock-in11-Oct-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 88 | 94 | 81 | 82 | 95 |
| Operating ProfitCr | 3 | 5 | 10 | 8 | 13 |
| OPM% | 3.1 | 5.5 | 12.1 | 9.9 | 14.1 |
| PBTCr | 0 | 1 | 6 | 3 | 10 |
| PATCr | 0 | 0 | 5 | 2 | 7 |
| EPS | 0 | 3 | 4 | 2 | 7 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 2 | 2 | 2 | 2 | 11 |
| ReservesCr | 24 | 24 | 29 | 31 | 29 |
| BorrowingsCr | 33 | 25 | 36 | 34 | 47 |
| Total AssetsCr | 72 | 70 | 78 | 79 | 100 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | - | - | -4 | 10 | 6 |
| Investing Cash FlowCr | - | - | -3 | -6 | -16 |
| Financing Cash FlowCr | - | - | 7 | -4 | 10 |
| Net Cash FlowCr | - | - | 0 | 0 | 0 |
Strengths & Risks
Strengths · as stated in the DRHP
- Customization Expertise
- Experienced Promoter and management team with strong industry expertise and successful track record.
- Sustainable business model.
- Marquee clientele.
Strategies · as stated in the DRHP
- Focus on Expansion to New Geographies.
- Optimizing Product Mix.
- Technological and Forging Infrastructure Enhancement.
Risks · as stated in the DRHP
- The compan'y top ten customers contribute majority of its revenues from operations and the company does not has long-term or firm commitment arrangements with any of its customers. Any loss of business from one or more of them may adversely affect the company revenues and profitability.
- The company's business is largely concentrated in three States i.e. Punjab, Haryana and Tamil Nadu, any adverse developments in these states may negatively impact its business, financial condition and results of operations.
- The company's inability to collect receivables and default in payment from its customers could result in the reduction of the company's profits and affect its cash flows.
- The company does not has documentary records evidencing the grant of the Consent to Establish for its manufacturing facility, which may expose the company to regulatory action.
- The company's financial performance including Revenue from Operations and Profit After Tax (PAT) has fluctuated in recent periods, and any inability to grow revenue or maintain profitability may adversely affect its business and valuation.
- The company's manufacturing capacity may not be fully utilized and its may be unable to effectively utilise the company's existing or expanded manufacturing capacities.